Investment Rating - The investment rating for the company is "Outperform the Market" [5][40]. Core Views - The company is expected to achieve double-digit growth in both revenue and core profit in the first half of 2025, driven by its brand matrix [1][7]. - The management remains confident in the company's development and has updated the guidance for 2025, indicating continued growth potential [3][37]. - The acquisition of JACK WOLFSKIN is expected to enhance the outdoor brand matrix and contribute positively to future growth [30]. Revenue and Profitability - In the first half of 2025, the company's revenue increased by 14.3% year-on-year to 38.54 billion RMB, while the net profit attributable to shareholders rose by 14.5% to 7.03 billion RMB [1][7]. - The revenue breakdown by brand shows Anta at 16.95 billion RMB (up 5.4%), FILA at 14.18 billion RMB (up 8.6%), and other brands at 7.41 billion RMB (up 61.1%) [2][7]. - The overall gross margin decreased by 0.7 percentage points to 63.4%, while the operating profit margin improved by 0.6 percentage points to 26.3% due to effective cost control [1][8]. Brand Performance - Anta brand's revenue growth is attributed to refined operations and a push for globalization, with a gross margin of 54.9% [25]. - FILA brand focuses on high-end sports fashion and professional breakthroughs, achieving a revenue of 14.18 billion RMB with a gross margin of 68.0% [29]. - Other brands, including DESCENTE and KOLON SPORT, saw significant growth, with a revenue increase of 61.1% and a gross margin of 73.9% [30]. Financial Forecasts - The company forecasts net profits of 13.48 billion RMB, 15.46 billion RMB, and 17.36 billion RMB for 2025, 2026, and 2027 respectively, with corresponding growth rates of 13.0%, 14.6%, and 12.3% [3][40]. - The reasonable valuation has been adjusted to 119-124 HKD, corresponding to a PE ratio of 23-24x for 2025 [3][40]. Cash Flow and Financial Health - The net cash position is reported at 31.54 billion RMB, indicating a strong financial condition [1][22]. - The company declared an interim dividend of 1.37 HKD per share, with a payout ratio of 50.2% [1][22].

Investment Rating - The report assigns a target price of HKD 121.2 for Anta Sports (2020.HK), indicating a potential upside of 19.3% from the current price of HKD 101.6 [1]. Core Insights - Anta's management has adjusted the annual revenue guidance for the Anta brand from high single-digit growth to mid single-digit growth due to weaker retail performance in July and August, although recent trends show improvement [4]. - The company continues to optimize and upgrade its channels, focusing on enhancing store efficiency rather than significantly increasing the number of stores [4]. - Anta's multi-brand strategy is deepening, with other brands like Descente and Kolon showing strong revenue growth, contributing to overall profitability [4]. - The first half of 2025 saw a 14.5% year-on-year increase in net profit to RMB 7.03 billion, aligning with market expectations [5]. Financial Performance - Revenue for 2023 is projected at RMB 62.36 billion, with a year-on-year growth of 16.2%, and expected to reach RMB 80.95 billion by 2025 [6]. - The net profit for 2023 is estimated at RMB 10.24 billion, reflecting a significant year-on-year increase of 34.9% [6]. - The operating profit margin for the first half of 2025 is reported at 26.3%, indicating operational efficiency improvements [9]. Brand Performance - The Anta brand's gross margin decreased by 1.7 percentage points due to a higher proportion of e-commerce sales, while the operating profit margin increased by 1.5 percentage points, aided by government subsidies [5]. - The Fila brand's gross margin fell by 2.2 percentage points, primarily due to increased retail discounts [5]. - Other brands, including Descente and Kolon, experienced a 61% year-on-year revenue growth in the first half of 2025, contributing to 19% of total revenue [4]. Market Position - Anta's market capitalization stands at HKD 285.213 billion, with an average daily trading volume of HKD 876.3 million over the past three months [1]. - The stock has traded within a 52-week range of HKD 68.35 to HKD 107.5, reflecting market volatility [1].

Group 1 - Goldman Sachs believes Anta Sports' mid-term performance exceeded expectations and praises its multi-brand strategy execution [2] - The firm expects the company to continue investing in existing businesses while seeking acquisition opportunities to expand its business portfolio [2] - Goldman Sachs is optimistic about Anta Sports' market share growth potential and maintains a "Confident Buy" rating, raising the target price from HKD 117 to HKD 121 [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 38.54 billion HKD in the first half of 2025, representing a year-on-year growth of 14.3%. The net profit attributable to shareholders, excluding gains from the Amer listing, was 7.03 billion HKD, reflecting a 14.5% increase year-on-year. The main business net profit, excluding the Amer listing gains and losses, was 6.60 billion HKD, which is a 7.1% year-on-year growth. The earnings per share (EPS) stood at 2.53 HKD, with a proposed interim cash dividend of 1.37 HKD per share, resulting in a payout ratio of 50.2% [4][5][10] Financial Performance - The gross margin for the first half of 2025 was 63.4%, a decrease of 0.7 percentage points year-on-year. The operating profit margin improved by 0.6 percentage points to 26.3%. The net profit margin attributable to shareholders, excluding the Amer listing gains, remained stable at 18.2%, while the main business net profit margin decreased by 1.1 percentage points to 17.1% due to an increase in the effective tax rate [5][8] - The company reported a significant increase in revenue from the Amer brand, which reached 19.26 billion HKD, a year-on-year growth of 23.5% [5][6] Brand and Product Performance - Revenue growth for the main brands in the first half of 2025 was as follows: Anta brand +5.4%, FILA +8.6%, and other brands +61.1%. Online sales increased by 17.6%, accounting for 34.8% of total revenue, which is a 1.0 percentage point increase year-on-year [6][7] - The revenue breakdown by product category showed footwear at 42.5%, apparel at 54.2%, and accessories at 3.3%, with respective year-on-year growth rates of +12.0%, +15.5%, and +24.6% [6] Strategic Developments - The company completed the acquisition of the German outdoor brand Wolfskin in May 2025, enhancing its presence in the professional outdoor sports market and advancing its globalization strategy. The company continues to focus on a "single focus, multi-brand, globalization" strategy [8][9] - The company has established a joint venture with MUSINSA to operate Korean fashion businesses in mainland China and Hong Kong, which is expected to strengthen its position in the sports fashion segment [9] Future Outlook - For the full year of 2025, the company has adjusted its retail revenue guidance for the Anta brand from high single digits to mid single digits, while maintaining the FILA brand's guidance for mid single-digit growth. Other brands are expected to see revenue growth of over 40% [10] - As of June 2025, the company had a net cash position of 31.54 billion HKD, indicating strong cash reserves and risk resilience [10]

Core Viewpoint - Goldman Sachs reports that Anta Sports' mid-term core operating profit and net profit exceeded expectations, reflecting the successful execution of its multi-brand strategy [1] Summary by Relevant Categories Financial Performance - Anta Sports' mid-term core operating profit and net profit surpassed market expectations [1] Strategic Initiatives - The company will prioritize investments in existing businesses and actively explore acquisition targets to supplement its current portfolio [1] - Anta aims to maintain a stable dividend payout ratio and share buyback plan [1] Market Outlook - Sales and profit visibility is expected to improve, with a positive outlook on sustainable market share growth [1] - Goldman Sachs raised Anta's target price from HKD 117 to HKD 121 and reiterated a "Confident Buy" rating [1]

Core Viewpoint - Anta Sports (02020) reported a strong performance in the first half of the year, with revenue increasing by 14% year-on-year to RMB 38.544 billion, exceeding expectations [1] - The company is optimistic about achieving double-digit growth, adjusting its retail sales target for the Anta brand to the mid-single digits, supported by strong performances from all brands and stable results from Fila [1] Financial Performance - Revenue increased by 14% year-on-year to RMB 38.544 billion [1] - Gross profit rose by 13% year-on-year to RMB 24.425 billion [1] Future Outlook - The company is confident in achieving its double-digit growth target due to strong brand performance [1] - The target price for Anta Sports has been raised from HKD 108.6 to HKD 114.2, maintaining a "Buy" rating [1] - Earnings forecasts for the next two years have been increased by 1% and 3%, respectively, with revenue forecasts also raised by 3% each [1]

Group 1 - The core viewpoint of the article is that Anta Sports' (02020) performance in the first half of the year met expectations, with a revenue increase of 14% year-on-year to 38.544 billion RMB, surpassing forecasts [1] - Gross profit also rose by 13% year-on-year to 24.425 billion RMB, indicating strong operational performance [1] - The company has adjusted its retail sales target for the Anta brand to a mid-single-digit growth for this year, reflecting confidence in achieving double-digit growth due to strong performance across all brands and stable performance from Fila [1] Group 2 - The target price for Anta Sports has been raised from 108.6 HKD to 114.2 HKD, maintaining a "Buy" rating [1] - Earnings forecasts for the next two years have been increased by 1% and 3%, respectively, while revenue forecasts have been raised by 3% each [1]

Core Viewpoint - Anta Group has formed a strategic partnership with South Korean fashion group MUSINSA, establishing a joint venture named "MUSINSA China" with Anta holding 40% and MUSINSA holding 60% [1] Group 1 - The joint venture aims to leverage both companies' strengths in the fashion and sportswear market [1] - The collaboration is expected to enhance Anta's market presence in the fashion segment and expand MUSINSA's reach in China [1]

运营效率出色，营业利润率同比持续提升 费用方面，1H24奥运费用使基数较高，1H25广宣费用率同降0.9ppt至6.6%，同时公司加大终端零售员 工薪酬预算，员工成本率同增0.2ppt至15.7%，公司研发费用率保持稳定。由于费用的有效管控和1H25 收到政府补贴的增加，公司营业利润率同增0.6ppt至26.3%。 智通财经APP获悉，中金发布研报称，基本维持安踏体育(02020)2025/26年EPS预测4.82/5.47元，当前股 价对应19/17倍 2025/26年市盈率，维持跑赢行业评级和目标价120.92港元不变，对应23/20倍2025/26年 市盈率，有19%的上行空间。 中金主要观点如下： 1H25业绩好于该行预期 公司公布1H25业绩：收入同增14%至385亿元，不包括Amer上市收益的股东应占溢利同增14.5%至70.3 亿元，业绩好于该行预期，主因其他品牌高增长及政府补助增加。公司宣布派发中期股息1.37港币/ 股，对应派息率约50%。 FILA及其他品牌均表现亮眼 1H25安踏主品牌继续聚焦大众专业运动领域，收入同增5.4%。1H25安踏的专业产品IP矩阵表现出色， PG7系列1H25 ...

中金主要观点如下： 1H25业绩好于该行预期 公司公布1H25业绩：收入同增14%至385亿元，不包括Amer上市收益的股东应占溢利同增14.5%至70.3 亿元，业绩好于该行预期，主因其他品牌高增长及政府补助增加。公司宣布派发中期股息1.37港币/ 股，对应派息率约50%。 FILA及其他品牌均表现亮眼 中金发布研报称，基本维持安踏体育(02020)2025/26年EPS预测4.82/5.47元，当前股价对应19/17倍 2025/26年市盈率，维持跑赢行业评级和目标价120.92港元不变，对应23/20倍2025/26年市盈率，有19% 的上行空间。 费用方面，1H24奥运费用使基数较高，1H25广宣费用率同降0.9ppt至6.6%，同时公司加大终端零售员 工薪酬预算，员工成本率同增0.2ppt至15.7%，公司研发费用率保持稳定。由于费用的有效管控和1H25 收到政府补贴的增加，公司营业利润率同增0.6ppt至26.3%。 Amer大幅转盈 期内公司合并Amer相较1H24的亏损0.2亿元变为贡献利润4.3亿元，始祖鸟在全球范围内延续高增长的同 时，萨洛蒙和威尔逊的高增长又一次印证安踏集团打造品牌的能力 ...